证券时报记者 孙璐璐 贺觉渊 深圳，中国改革开放的窗口，正在引领新兴产业与未来产业巨变。中央经济工作会议提出，要创新科技金融服 务。在这里，一场金融破局赋能科技创新的新探索再次跑出"深圳速度"。 证券时报记者近日走访深圳了解到，在政府搭台支持、金融机构深挖数据价值合力下，从种子萌芽的无资质科创 企业到发展腾飞的国家级专精特新企业，"投贷保担"等各类金融资源充分发挥各自优势，加强联动支持，不断更 新完善科技金融生态。 银行企业共享发展成果 助企加速腾飞 截至2025年10月末，深圳科技贷款余额2.2万亿元，居全国各城市前列。超2万亿元贷款的背后，既有庞大实体产业 支撑，也离不开金融业不断探索科技金融的创新实践。 高成长期科技型企业资金需求较大，但企业往往希望在不稀释股权的情况下，能够获得更高金额、更长期限的信 贷资金支持。但对银行而言，在传统信贷模式下难以实现风险收益平衡。 为解决企业与银行之间的"痛点"，中国人民银行深圳市分行指导辖内银行推出"腾飞贷"业务模式并持续迭代升级。 从1.0版的"贷款利率挂钩企业经营成果"，到2.0版的"贷款+未来长期金融服务"，再到2024年底推出的3.0版"贷款 +分享企业超额 ...

Core Insights - The "15th Five-Year Plan" emphasizes the combination of an effective market and a proactive government, aiming to enhance the role of the market in resource allocation while improving government functions [1][2] - Financial markets are identified as crucial for capitalizing and securitizing resources, with local governments encouraged to develop unique financial service systems based on regional conditions and industrial structures [1][2] Group 1: Financial Market Development - The plan highlights the need for local governments to explore financial service systems that cater to local characteristics, focusing on five development models: regional financial centers, technology industry financial cycles, government investment banking, new financial service elements, and local specialty financial services [1] - The integration of technology, industry, and finance is essential for driving innovation, with local governments tasked with creating mechanisms to share risks associated with technological advancements [3][4] Group 2: Role of Local Governments - Local governments are encouraged to provide foundational support for major technological research and development, recognizing that early-stage innovation often requires stable funding that the market alone cannot provide [4] - Establishing government-led funds and investment initiatives is crucial to attract social capital into areas deemed high-risk or difficult to evaluate [4][7] Group 3: Shenzhen's Experience - Shenzhen serves as a model for creating a synergistic system of technology, capital investment, and industrial transformation, demonstrating effective integration of financial and technological services [5][6] - The city has developed a comprehensive service system that connects technology achievements with capital markets, enhancing the ability to assess and commercialize technological innovations [6][8] - Shenzhen's government investment fund system operates on a model of "government guidance, market operation, risk sharing, and profit sharing," which has successfully supported numerous technology enterprises and led to a significant number of companies going public [7][8]

Core Insights - The Shenzhen local credit platform has successfully addressed the financing difficulties faced by small and micro enterprises, accumulating services for nearly 7 million entities and facilitating financing exceeding 24 trillion yuan by the end of 2024 [1][4] - The platform has provided credit services to over 77,000 enterprises, with more than 11,000 being first-time borrowers, resulting in over 700 billion yuan in financing, of which 70% are inclusive microloans and 80% are credit loans [1][4] Group 1: Platform Overview - The Shenzhen local credit platform, operational since early 2022, aims to enhance enterprise financing by aggregating credit information and management data from various government departments [1][4] - The platform has collected over 3.4 billion pieces of government data, covering approximately 4.5 million business entities in Shenzhen [4][6] Group 2: Product Innovation - The platform has introduced various financial products tailored to different types of small and micro enterprises, including "Technology Startup Pass," "Individual Pass," "Carbon Reduction Loan," and "Seed Loan" [4][6] - The "Technology Startup Pass" product has issued over 7.3 billion yuan in credit, serving more than 4,600 technology SMEs, with 80% of these being outside traditional qualification lists [4][6] Group 3: Unique Shenzhen Model - Shenzhen's credit platform has developed a unique "Shenzhen Model" for small and micro enterprise financing, characterized by a unified platform for public credit information services and a comprehensive data utilization authorization [6][7] - The platform integrates financing services, local credit services, and public data utilization into a cohesive system, enhancing resource efficiency compared to other regions [6][7] Group 4: Cross-Border Services - The platform has initiated cross-border credit cooperation with Hong Kong, facilitating over 2 billion yuan in financing for Hong Kong-funded enterprises through the "Northbound Pass" [7][9] - The "Southbound Pass" aims to support mainland enterprises in Hong Kong by providing authorized data for financing, with 1,384 data verifications completed [9] Group 5: Data Security Measures - The platform has established a comprehensive security system for handling sensitive data, utilizing a dual-cloud architecture and various protective measures to ensure data safety [11][12] - The platform has achieved significant security certifications and has successfully passed national security tests, demonstrating its robust data protection capabilities [11][12]

Core Insights - As of September 2025, the total balance of deposits in Shenzhen reached 14.36 trillion yuan, marking a year-on-year growth of 5.6% and an increase of 787.15 billion yuan since the beginning of the year, with a year-on-year increase exceeding 500 billion yuan [1] - The total balance of loans in Shenzhen stood at 9.94 trillion yuan, reflecting a year-on-year growth of 5.0% and an increase of 457.41 billion yuan since the start of the year, with a year-on-year increase exceeding 200 billion yuan [1] - Various sectors, including household deposits, non-financial enterprise deposits, household loans, and loans to non-financial enterprises and institutions, all experienced year-on-year increases [1] Financial Support for Innovation - By the end of September 2025, 2,552 technology enterprises and 111 projects received low-cost financing support totaling 49.86 billion yuan under the policy support list [1] - The "Tengfei Loan" program has provided 6.6 billion yuan in medium to long-term funding support to 121 enterprises, while the "Technology Startup Access" initiative has helped 4,522 small technology enterprises without loans secure credit loans amounting to 6.8 billion yuan [1] - Financial institutions have been encouraged to implement "Seed Loans" and "20+8 Industry Loans," which, in conjunction with the technology guarantee special plan, have assisted over 2,000 enterprises in obtaining financing of 4.8 billion yuan [1] Bond Market Activity - The Shenzhen branch of the People's Bank of China reported that 12 non-financial enterprises issued 19 technology innovation bonds in the interbank market, totaling 33.45 billion yuan by the end of September [2]

Core Insights - The financial performance in Shenzhen shows stable growth with an increase in credit volume and a decline in financing costs [2][3] Credit Overview - As of September 2025, the total balance of deposits in Shenzhen reached 14.36 trillion yuan, a year-on-year increase of 5.6%, with an increase of 787.15 billion yuan since the beginning of the year [2] - The total balance of loans was 9.94 trillion yuan, growing by 5.0% year-on-year, with an increase of 457.41 billion yuan since the start of the year [2] - Key sectors such as household deposits, non-financial enterprise deposits, household loans, and loans to non-financial enterprises and government agencies all experienced significant year-on-year growth [2] Financing Costs - The weighted average interest rate for newly issued corporate loans in Shenzhen was 2.75% in September 2025, a decrease of 0.53 percentage points year-on-year [2] Loan Distribution - The credit structure in Shenzhen includes two categories with balances of 2 trillion yuan each for technology and inclusive finance, and two categories with balances of 1 trillion yuan each for green and digital economy loans [3] - Technology loans reached 2.18 trillion yuan, growing by 8.2% year-on-year, while inclusive small and micro loans reached 1.97 trillion yuan, increasing by 7.1% [3] - Manufacturing loans grew by 13.2% year-on-year, and loans for scientific research and technical services increased by 15.9% [3] Financial Innovation - Shenzhen is advancing financial integration for the technology industry, with 2,552 technology enterprises and 111 projects receiving low-cost financing support totaling 49.86 billion yuan as of September 2025 [3][4] - The "Tengfei Loan" program has provided 6.6 billion yuan in medium to long-term funding support to 121 enterprises [4] Cross-Border Financial Services - Since the implementation of high-level pilot policies in February 2024, over 1,800 enterprises have been covered, with a business scale exceeding 210 billion USD [5] - The FT account transaction amount in Shenzhen reached 361 billion yuan from January to September 2025, marking a 70.7% year-on-year increase [6] - The "Cross-Border Wealth Management Connect" 2.0 measures have attracted approximately 31,000 new individual investors, with total cross-border payment amounts reaching 50.74 billion yuan [6]

Core Viewpoint - Shenzhen has evolved into a financial innovation hub over the past 45 years, with its financial industry growing from a mere 0.16 billion yuan to 4710.5 billion yuan by 2024, marking a nearly 30,000-fold increase and an average annual growth rate of 26.3% [4][12]. Group 1: Historical Development - Shenzhen's financial industry began with significant challenges, including a lack of funding and financial institutions, which were addressed by establishing the first enterprise group financial company and later the first bank founded by a corporation, China Merchants Bank [6][9]. - The establishment of the first foreign bank in China, Nanyang Commercial Bank, and the first foreign exchange adjustment center in Shenzhen were pivotal in facilitating trade and financial services [7][9]. Group 2: Support for Innovation - Shenzhen's financial sector transitioned to support high-tech industries by providing diverse financial solutions tailored for small and medium-sized enterprises (SMEs), particularly in the technology sector [11][12]. - The introduction of seed loans and other innovative financing methods has significantly improved access to capital for tech startups, enabling them to thrive despite initial challenges [12][13]. Group 3: Capital Market Development - The Shenzhen Stock Exchange and the ChiNext board have played crucial roles in supporting the growth of innovative companies, with recent regulatory changes allowing unprofitable companies to list [13][14]. - The capital market has facilitated significant expansions for listed companies, enabling them to access funding for technological advancements and global market penetration [14][15]. Group 4: Current Financial Landscape - As of mid-2023, Shenzhen hosts nearly 1,600 private equity and venture capital management firms, with a total management scale of 1.41 trillion yuan, reflecting its robust financial ecosystem [12][16]. - The city has become a leader in the number of listed companies and market capitalization, with major firms like Ping An Insurance and BYD contributing to its financial prominence [15][16].

Core Viewpoint - Huaxia Bank Hefei Branch has celebrated its 15th anniversary, emphasizing its commitment to serving the national strategy and supporting local economic development through innovative financial services and community engagement [1][2][18]. Group 1: Financial Services and Economic Development - The bank has positioned itself as a key player in supporting the high-quality development of Anhui province, integrating financial services with local economic needs [1][2]. - Over the past 15 years, the bank has focused on innovation, contributing to the establishment of Anhui as a "source of technological innovation" [1][2]. - As of June 2023, the bank reported a general deposit balance of 38.1 billion yuan, a year-on-year increase of 16.43 million yuan, and a total loan balance of 43.658 billion yuan, reflecting robust growth [5]. Group 2: Party Building and Corporate Governance - The bank emphasizes the importance of party leadership and high-quality party building as fundamental to its long-term stability and development [3][4]. - A three-year action plan (2025-2027) has been established to enhance the integration of party building and business operations, aiming for a market share increase of over 1% and significant growth in deposits and loans [4]. Group 3: Community Engagement and Social Responsibility - The bank actively participates in community service initiatives, such as rural revitalization programs and health check-ups for villagers, demonstrating its commitment to social responsibility [5]. - The bank has launched various financial products aimed at supporting rural development and enhancing the livelihoods of local communities [16]. Group 4: Support for Key Industries - Huaxia Bank Hefei Branch has provided significant financial support to the automotive and new energy sectors, with cumulative credit exceeding 7.1 billion yuan for the new energy vehicle manufacturing industry [6][7]. - The bank has also supported the semiconductor industry in Hefei, approving a 1.5 billion yuan loan for a key project, showcasing its role in advancing high-tech manufacturing [7]. Group 5: Innovation in Financial Products - The bank has developed a range of financial products tailored to the needs of small and micro enterprises, including the "Foreign Trade Loan" and "Seed Loan," to enhance access to financing [8][10][15]. - Innovative digital financing solutions have been introduced, such as the "Sunshine New Energy Order Loan," which has successfully provided 142 million yuan in financing to 91 ecological clients [12]. Group 6: Future Outlook - Looking ahead, the bank aims to continue its commitment to supporting the modernization of Anhui, leveraging its strengths in party building, technological innovation, and community service to drive future growth [19].

Core Points - The "Seed Loan" product has been officially launched in Longgang, Shenzhen, with five seed-stage enterprises receiving a total of 1.7 million yuan in funding on the first day, showcasing effective collaboration between policy innovation and financial services [1][2] - The product targets enterprises with high-level expert teams and core technologies but lacking qualifications and stable cash flow, addressing the financing difficulties faced by startups [2] - Longgang Financial Holdings Company aims to provide nearly 1 billion yuan in funding support to approximately 1,000 "two have, two lack" enterprises within the year, promoting the transformation of technological achievements and high-quality development [2]

Core Viewpoint - The launch of the "Seed Loan" product in Longgang District represents a significant innovation in financial services aimed at supporting seed-stage enterprises with high technological content and strong innovation capabilities [3][4]. Group 1: Product Overview - The "Seed Loan" product was developed through collaboration between the Shenzhen Municipal Finance Bureau, Shenzhen Credit, Longgang Financial Holdings, and WeBank, marking the first implementation of this initiative in the city [2][3]. - The product targets enterprises with high-level expert teams and core technologies but lacking qualifications and stable cash flow, addressing the financing challenges faced by these "two have, two have not" companies [4][6]. Group 2: Implementation and Impact - On the launch day, five seed-stage enterprises received a total of 1.7 million yuan in funding, showcasing the effective collaboration between policy innovation and financial services [2][4]. - The initiative is expected to provide nearly 1 billion yuan in funding support to approximately 1,000 "two have, two have not" enterprises within the year, facilitating the transformation of technological achievements into industrial applications [7]. Group 3: Risk Management and Selection Process - The selection of seed enterprises utilizes a multi-dimensional screening process based on models developed by Shenzhen Credit, which assesses the potential of approximately 2.6 million existing enterprises in Shenzhen [6]. - A multi-tiered risk-sharing mechanism has been established, allowing financial institutions to increase their risk tolerance and lending enthusiasm, thereby effectively matching financial resources with the urgent needs of seed-stage enterprises [6].

Core Viewpoint - Dongming Rural Commercial Bank's Wuying Branch has effectively integrated into the watermelon industry chain in Xiao Jing Town, providing targeted financial support to boost rural revitalization through innovative measures and attentive services [1][3]. Financial Support Initiatives - The branch has maintained a "supporting agriculture and small enterprises" focus since its establishment, exploring new financial support models for agricultural development [1]. - It offers specialized loans up to 100,000 yuan per household for greenhouse construction, addressing the long planting cycle and significant funding needs of watermelon growers [1]. - Innovative financial products such as "Seed Loan" and "Greenhouse Loan" have been introduced, extending financial services to seed, fertilizer procurement, and cold chain logistics [1]. Accessibility and Convenience of Services - The branch has built an inclusive financial system centered on "service downscaling," combining online and offline services [3]. - Farmers can apply for loans online through "Xin E Loan," with funds disbursed in as little as one day [3]. - Regular on-site services are conducted, with over 130 sessions held in the past year, ensuring farmers receive guidance on mobile banking operations [3]. Financial Literacy and Community Engagement - The branch has conducted over 70 financial literacy sessions to enhance farmers' understanding of financial products and services [3]. - Collaboration with the local government for the Watermelon Festival included setting up a "Financial Knowledge Classroom," distributing over 3,000 promotional materials during the event [3]. Future Outlook - The branch plans to deepen the "branch + cooperative + farmer" model and increase support for smart agricultural greenhouse construction, promoting the high-end and digital transformation of the watermelon industry [3]. - Through "precise drip irrigation" and "ecological co-construction," the branch aims to activate the value of the watermelon industry chain, providing sustainable financial support for rural revitalization [3][4].